With the COVID-19 pandemic continuing to cause economic issues, the Insurance Bureau of Canada (IBC) reported that its member insurance companies are offering auto insurance premium reductions to drivers in Alberta.
“There is a long list of things to worry about in Alberta right now and we believe auto insurance shouldn’t be one of them,” said IBC Western vice-president Celyeste Power in a statement. “That’s why insurers are offering reductions that could result in over $100 million in savings for Albertans who have changed their driving habits as a result of the pandemic.”
Apart from the $100 million in auto insurance premium relief, IBC’s member insurers are also working on providing their customers with flexible payment options, which include premium deferrals and waiving all Non-Sufficient Funds (NSF).
IBC also said in a release that it is working with the Alberta government and its Advisory Committee on Auto Insurance to fix the province’s auto insurance system. The insurance body believes that auto insurance in Alberta is too expensive, and hopes that the government – with input from consumers and stakeholders – will implement reforms to make insurance affordable in the long term.
“IBC calls on all stakeholders involved in the auto insurance system, regardless of their personal interest, to focus on what matters most to Alberta’s three million drivers, and that is affordability,” Power said.
Power also commented that IBC believes consumers deserve affordable auto insurance with more choice, as well as more care for those who need it. The vice-president added that anyone who wants to maintain the status quo of Alberta’s auto insurance is “simply not putting the interests of drivers ahead of their own.”